Rupert Murdoch will step down as CEO of 21st Century Fox, CNBC reported on Thursday.
His son James will replace him.
CNN's Brian Stelter confirmed the news.
Chief Operating Officer Chase Carey will also step down, CNBC reported.
According to both CNN and CNBC, Murdoch will stay on as executive chairman of the media corporation, which consists of Fox News and the film studio 20th Century Fox, among others.
News Corp. and 21st Century Fox are the successors of News Corporation, which split in 2013. Murdoch founded News Corporation in 1979 after three decades running successful media companies in the UK and Australia, where he is from.
This is a developing story...